Investors in cryptocurrencies have had a difficult year as they have seen the value of their digital assets fall.
For instance, Bitcoin is currently selling approximately 65% below the record high it reached just nine months ago.
There are at least a few ways you might be able to lessen the blow of your loss if you purchased a cryptocurrency while it was on the rise and sold your investment this year, or if you are thinking about doing so.
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Taking advantage of a defeat
Even if your capital gain this year came from the sale of a stock or a piece of real estate, you can still use a capital loss in cryptocurrency to offset it.
Consider the scenario where you purchased bitcoin in February 2021 for $50,000 and recently sold it for $24,000, or about where it is now trading. Due to the fact that you kept the investment for at least a year, you would have a long-term capital loss of $26,000.
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